Since XBRL became a commonly used language to file documents to Securities and Exchange Commission (SEC), errors in the filing have also started to show up. This has forced many companies to look for professional XBRL conversion houses to make sure that the filings are error free and accurate. An analysis of the errors has detected certain patterns and common pitfalls that people usually make while filling an XBRL document.
If you happen to be one of those who want to make name as a professional XBRL conversion services provider, it is imperative that you adhere to the following guidelines.
Wisely select tags
One of the most important parts of the filing is the selection of tags. SES has published a guideline to help XBRL conversion services providers do their job and it is available at http://XBRL.sec.gov. It is an interpretive guidance which is aimed to help people with no technical knowledge about the same. Since tags explain what it is in the document, incorrect tags can spoil the entire submission.
Never submit before previewing the document
The SEC website has an option to preview all the documents that you submit to the system. Preview can help you see the way your document looks and can identify potential errors before final submission. There are also many other commercial viewers available in the market; you can select to use them as well.
Validate your submission
It is important that your submission has to be technically valid apart from being tagged correctly. While you are keeping a watchful eye for errors before submission, make sure that the submission meets all the technical requirements and criteria. There are many validation engines available in the market and one of them can do the job for you easily. You can also use the one that is listed on the SEC website. Most of the service providers for XBRL conversion use them to uplift the quality of work done.
You must have a clear understanding of the document and its HTML rendering. Inclusion of negatives in the document can be a problem when it is rendered in HTML as negative values may not be shown when rendered. This can be very confusing for filers. The SEC website has listed some observations that can guide people while filing a document.
Completeness in everything
One of the important things while doing submission is that each and every element must be tagged. Each and every item such as numbers, ratios, fractions and percentages in the statement must be tagged both as amounts and string form for completeness.
While trying to establish as an excellent company providing XBRL conversion services, you should observe the filings done by others to understand the trend. There is a wide plethora of information regarding XBRL submission on the SEC website; there is nothing better than the highly interpretive information available there.
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